News Tags

Related Keywords: downward trend, influenced by world cotton market, Karachi Cotton Association, kept cotton prices under pressure, lack of buying interest, local textile industry, lower level, market remained devoid of much needed activity, revival of buying interest, second consecutive day on Wednesday, spot rate

The lack of buying interest from local textile industry influenced by world cotton markets’ downward trend, kept cotton prices under pressure for the second consecutive day on Wednesday. Although there was a revival of buying interest at the lower level yet the market remained devoid of much-needed activity.

Related Keywords: backdrop of falling world cotton prices, Cotton market, Ginners, lack of buying interest, leading buyers, Leading spinners, not deterred with falling prices, pushed cotton prices lower, remained steadfast, Slow moving trading activity, withdrew to sidelines

Slow moving trading activity was seen at cotton market on Wednesday as leading buyers withdrew to the sidelines in the backdrop of falling world cotton prices. The lack of buying interest from leading spinners further pushed cotton prices lower. However, ginners on their part remained steadfast and were not deterred with falling prices.

At the Karachi Cotton Association (KCA) spot rates were adjusted downward to Rs7,500 per maund.

Related Keywords: amid fall in cotton yarn demand, cotton price move downwards, KCA, lack of buying interest, local spinners and mills, market failed to attract buying interest, Pakistan cotton market, spot rate unchanged, turnover remined low

At the end of week, cotton market turnover remained low due to lack of buying interest from local spinners and mills. Cotton prices continued to move downwards on Saturday, amid fall in cotton yarn demand.

Traders bought near 1500 bales at the ready counter with prices plunging down to Rs5,300/maund. Brokers said that trader sentiments remained bearish as they preferred to make small transactions in accordance with their immediate demand.

The Karachi Cotton Association kept the spot rate unchanged at Rs5,500/maund.